Five biggest property buying fails

Mr Piper said one of the biggest mistakes buyers make is falling madly in love with a home, and getting emotionally invested.

“Once a buyer starts making decisions with their hearts instead of their heads, that’s when they pay too much for a property, overlook important issues, and desperation kicks in, clouding judgment,” he said.

Mr Piper recommended, particularly for first home buyers, that enlisting the help of a buyers agent could help avoid this trap.

The sort of money involved with buying property is far greater than most other purchases in life.

So much so it can almost begin to feel like Monopoly money, and it becomes all too easy to expand your price range just a little, just in case your perfect home is waiting for a few thousand dollars more.

“This is when a buyer will fall in love with a more appealing home that is just too expensive, and desperation kicks in,” Mr Piper said.

Mr Piper said buyers should also be aware of “real estate agents who might talk you into buying a home outside your price range, which could derail your finances in the future.”

“Don’t be tempted — spending more than you need to leaves you vulnerable to potential financial shocks, including rises in interest rates or changes in future circumstances,” he said.

The home may tick all the boxes, but failing to research the area is a big mistake that could lead to a life in a great home, but in a terrible area.

Mr Piper says it pays to get to know the neighbourhood you are potentially going to spend the rest of your life.

“Research nearby schools; find out about any current or future developments; make note of public transport; and make sure you check out the local crime rates,” he said.

“A buyers agent often has an intimate understanding of property trends in each suburb, and knows all about council regulations, possible plans for redevelopment and median house prices in the area.”

The home may tick all the boxes, but failing to research the area is a big mistake that could lead to a life in a great home, but in a terrible area.

Mr Piper says it pays to get to know the neighbourhood you are potentially going to spend the rest of your life.

“Research nearby schools; find out about any current or future developments; make note of public transport; and make sure you check out the local crime rates,” he said.

“A buyers agent often has an intimate understanding of property trends in each suburb, and knows all about council regulations, possible plans for redevelopment and median house prices in the area.”

The smart homebuyer will make sure they have assessed finances and needs before making the househunting plunge.

“It’s important to analyse assets, organise debts, and get pre-approved for finance before starting the journey,” Mr Piper said.

“When purchasing a property, there are many things to think about, and some of these may be a surprise to first homebuyers.”